MarketsandMarkets

Photonics Market Expected Value Up to 724.22 Billion USD by 2021

The global photonics market size is estimated to reach USD 724.22 Billion by 2021, registering a CAGR of 8.4% between 2016 and 2021. Photonics are widely recognized and are used as optical fiber in data transmission and storage, lasers in manufacturing, welding & cutting process, detection systems, LEDs & CFLs for advanced lighting, and LEDs and LCDs for displays.

The market is driven by the increased demand for photonics in building & construction; media, broadcasting & telecommunication; and industrial segments.

Information & communication technology, the largest application for photonics market

Increasing demand from applications such as displays, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting and production technology are driving the photonics market. Among the applications, information & communication technology is estimated to be the largest application for the photonics market. In this application segment, photonics are used in data conversion, amplifier systems and light modulation systems (e.g. modulators, switches, routers), fibre optic cables for data transmission, and storage devices such as hard-drives and servers.

Rising demand in Asia-Pacific, the major driver for growth of the photonics market

In 2015, Asia-Pacific accounted for the largest share for the global photonics market and also registered the highest growth rate between 2016 and 2021. Japan is currently the largest market for photonics, but it is projected to be overtaken by China during the forecast period. The Indian government has started investment promotion programs to assist building & construction projects as well as the telecommunication industry, which is driving the demand for photonics significantly. India is the fastest-growing market for photonics.

The scope of the report includes detailed information regarding the major factors influencing the growth of the photonics market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products & services, key strategies, investments & expansions, mergers & acquisitions, and recent developments associated with the market. The photonics market has been segmented on the basis of application, end-use industry, and region.

About MarketsandMarkets
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.

M&M's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.

We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.